What does it really mean to go bankrupt?

There are a lot of myths and misconceptions when it comes to bankruptcy. But it is also a process that an increasing amount of Americans are facing.

Filings at the end of March this year “were up almost 12% from a year earlier,” said NPR. This suggests that a “growing number of Americans have reached the point where the pressure of their debt has overcome the stigma of bankruptcy.” While it’s still a last resort option, it can also be a lifeline back to financial solvency.